The Real Deal Miami

Acqualina units lead priciest residential sales in Sunny Isles Beach in 2010

By Alexander Britell | May 28, 2010 05:45PM

The 52-story Acqualina condo hotel in Sunny Isles Beach

Two units in the Acqualina condo hotel topped the five priciest sales in Sunny Isles Beach this year, with each selling for an average of more than $588 per square foot, according to MLS data compiled by Condo Vultures. 

A 45th floor condo at Acqualina, 17885 Collins Avenue #PH4501, sold for $4.7 million, although that price was down from a previous listing of $5.5 million. The 6,353-square-foot unit sold for the equivalent of approximately $739 per square foot.

“Sales in Acquilina have been very strong,” said Lana Belenky of Sunny Isles Miami Real Estate, who said she has handled ten sales in the building. “It’s a very strong building. The building has all of the condo-hotel amenities, which people like. It’s a beautiful place and it’s at a very strong price.”

The second-place sale, also in the Acqualina, a 4,415-square-foot condo that sold for $2.6 million.

Condo Vultures founder Peter Zalewski told The Real Deal in an interview earlier this month that buyers are turning to Sunny Isles Beach due to its beachfront value, in contrast to pricier South Beach. Prices are high, but still well below the almost $1400 per square foot buyers paid in the first quarter for newly constructed units in South Beach.

Belenky said Sunny Isles was attracting more family-oriented buyers looking for a quieter location than South Beach. Sunny Isles, which is just north of Bal Harbour, received its incorporation in 1997, and has seen a wave of development of new, high-rise towers.
“There are different kinds of people who buy here,” she said. “They are more family-oriented, with kids. In South Beach, it’s very young; there are many French and Italian buyers. A lot of people don’t know what Sunny Isles is, but it’s a very new and exciting area and there is a lot more square footage for the price.”

In third was a 3,480-square-foot condo at the Turnberry Ocean Colony, which sold for $2.55 million, or an average per-square-foot price of $645.

According to data from the Miami-Dade County Property Appraiser, taxable values in Sunny Isles Beach were relatively resilient, declining by just 2.6 percent from 2008 to 2009. That is compared to an 8.2 percent drop for Miami Beach in the same time period.

In fourth place was the only single-family home in the top five, 306 Atlantic Avenue, which is located on Atlantic Island. The 7,010-square-foot home was the best value in the top five, with an average square foot price of just $342.

Rounding out the list was a 3,100-square foot condo at the Jade Beach tower, which sold for $2 million.